Oct 3, 2024 - Business
Charted: Forever in blue jeans
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Levi Strauss' buoyant year took a sour turn today after the company projected underwhelming fourth quarter sales.
Between the lines: CFO Harmit Singh last night cited "headwinds" such as a lagging performance in China and the company's struggling Dockers khakis brand.
- The company lowered its full-year revenue forecast to 1% growth from a previous forecast of 1% to 3%.
- Levi shares fell 7.7% today.
The big picture: The denim maker has been on the comeback trail under CEO and former Kohl's boss Michelle Gass, having recaptured its cool factor when superstar Beyoncé featured the brand in a song. (That's since turned into an official campaign.)
- Even with today's drop, its stock is still up almost 20% for the year.
What's next: The company said it's considering a sale of Dockers.
- The bottom line: Beyoncé doesn't have any songs about khakis.
